New Kent, VA—23124
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Kent, VA
As of Oct '25, the median home price in New Kent, VA is $429,000, with a year-over-year change of 3.5%. This indicates that home prices in New Kent, VA are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $429,000 | 3.5% |
| Single Family | $430,000 | 3.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $401,000 | 1.8% |
3 Bed | $403,000 | 3.6% |
4 Bed | $474,000 | 4.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — New Kent, VA
As of July '25, Rentcast reports the average rent in New Kent, VA is $2,780, with a year-over-year rent change of 15.8%. Per bedroom, the median rent as of July '25 in New Kent, VA is 3-bedrooms: $2,350, 4-bedrooms: $2,680. The most common rental property sizes in New Kent, VA are 1-bedroom and 4-bedroom, accounting for 79.2% and 20.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,700 | $2,780 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,350 | $2,350 |
| 4 Bed Rent | $2,700 | $2,680 |
% of Rental Stock
Property Listings — New Kent, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in New Kent, VA is 43. This is a increase of 20.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $498,000 | -1.0% |
Listing Count | 96 | 34.0% |
| Listings as % of Homes | 1.9% | 34.0% |
Days on Market | 43 | 20.0% |
Demographics — New Kent, VA
As of the latest ACS Survey released in 2023, New Kent, VA has a population of 4,910, which has increased by 13.2% over the past 5 years. New Kent, VA is a moderately popular place for families, as children make up 21.0% of the population. The area has a moderately educated workforce, with 40.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 4,910 | 13.2% |
% Under 18 | 21.0% | 14.8% |
% Seniors | 23.3% | 47.5% |
% WFH | 21.0% | 337.5% |
% w/ College Degree | 40.5% | 73.8% |
As of the latest ACS Survey released in 2023, New Kent, VA is a predominantly white area, with 81.8% of the population identifying as white. The white population has shrunk by 4.8% in the last 5 years. The second most common race or ethnicity in New Kent, VA is black, making up 11.4% of the population. Foreign-born residents account for 3.9% of the population in New Kent, VA, and this percentage has increased by 105.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 81.8% | -4.8% |
% Black | 11.4% | 34.1% |
% Hispanic | 3.4% | 47.8% |
% Asian | 1.4% | -36.4% |
% Foreign Born | 3.9% | 105.3% |
Mortgage and Risk — New Kent, VA
According to HUD data as of 2023, there were 319 mortgage originations in New Kent, VA, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in New Kent, VA. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 319 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — New Kent, VA
New Kent, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | 2.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,530 |
| 2 Bedroom | N/A | N/A | $1,690 |
| 3 Bedroom | -$200 | $2,350 | $2,150 |
| 4 Bedroom | -$50 | $2,700 | $2,650 |
Affordability — New Kent, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $429,000 |
| Median Household Income | $130,000 |